FundRobot » Equity Funds » Need 50-70k Small Business Loan to purchase local business?

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Old   #1 (permalink)
 
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Default need 50-70k small business loan to purchase local business

My friend and I are looking to purchase local business that I my self have been working for the last 6 years as a manager. Business grosses $140-160k a year and has been operating for the past 10 years. We are looking for 50-70k business loan to purchase this location and want to see all of our options.
We applied to the local community bank and still finalizing all the paperwork and I am afraid that it might take long time to process. We have 2-4 weeks to give decision to my boss and prove that we have the money otherwise he will sell it to another wanting party.
We applied with credit score of 701 and have 2 page business proposal on how this business will operate and how financials are looking.
Are there places that are willing to lend money to people quicker for a higher interest rate for lets say 3yr/36mo period?
Any help would be appreciated.
Thank you

PC_4Ever is offline   Reply With Quote
Old   #2 (permalink)
 
Posts: 2,613
Default need 50-70k small business loan to purchase local business

2 page business proposal
not long enough.

you did not say what the value of the equity was
nor, extremely important number, its net profit per mo.

I suggest paying max of 3x the net profit
PrettyHot88 is offline   Reply With Quote
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